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Posted by Laura on July 14, 2007, 7:14 am
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>>
>>
>>
>>
>> >I am trying to figure out what my total income and expense has been so
>> > far for the year, after excluding certain categories and payees I got
>> > a report that looked something like this:
>> > -----
>> > INCOME:
>> > - abc: $50
>> > - def: $100
>> > - ghi: $200
>> > Total Income: $350
>>
>> > EXPENSE
>> > - 123: $100
>> > - 456: $50
>> > Total Expense: $150
>>
>> > TRANSFERS:
>> > ... transfers to and from acounts
>> > Total Transfers: $200
>>
>> > OVERALL TOTAL: $400
>> > -----
>>
>> > My question is... what the heck are the transfers? I mean why is it
>> > counting money being transferred back and forth from accounts as real
>> > transactions? What is the correct way for me to know what my real
>> > income and expense is for the year so far? And what does the number in
>> > overall total mean?
>>
>> Transfers are merely showing money being moved bwt your accounts. Any
>> entry
>> in Q is considered a transaction. They are neither an income or an
>> expense.
>> Since they are bwt your own accounts, the total should net to zero. You
>> need
>> to find the missing transaction(s) since yours totals $200.
>>
>> Why are you excluding certain categories and Payees from your report?
>> Your
>> correct income and/or expense totals for the year are based on including
>> the
>> appropriate transactions in your reports.
>>
>> The Overall total appears to be calculated as Income - Expense (i.e. net
>> income) + Transfers. Again, review your transfer transactions to
>> determine
>> why it does not net to zero because your Net income should be $200
>> ($350-$150).
>
> Hi Laura,
>
> Thanks for your response. The reason I am excluding certain income and
> expenses is because sometimes my brother will use my credit card to
> pay a bill and just give me cash in exchange for the amount of the
> bill so I don't want to count that as real income or expense since it
> isn't mine.
That makes sense. I put those in their own special category called
Reimbursable expenses. I put both the expense (expense)and the reimbursement
(income) so that they net to zero at the end of the year.
>
> What can I do to properly find out what I made and spent this year so
> far?
>>
>>
>>
>>
>> >I am trying to figure out what my total income and expense has been so
>> > far for the year, after excluding certain categories and payees I got
>> > a report that looked something like this:
>> > -----
>> > INCOME:
>> > - abc: $50
>> > - def: $100
>> > - ghi: $200
>> > Total Income: $350
>>
>> > EXPENSE
>> > - 123: $100
>> > - 456: $50
>> > Total Expense: $150
>>
>> > TRANSFERS:
>> > ... transfers to and from acounts
>> > Total Transfers: $200
>>
>> > OVERALL TOTAL: $400
>> > -----
>>
>> > My question is... what the heck are the transfers? I mean why is it
>> > counting money being transferred back and forth from accounts as real
>> > transactions? What is the correct way for me to know what my real
>> > income and expense is for the year so far? And what does the number in
>> > overall total mean?
>>
>> Transfers are merely showing money being moved bwt your accounts. Any
>> entry
>> in Q is considered a transaction. They are neither an income or an
>> expense.
>> Since they are bwt your own accounts, the total should net to zero. You
>> need
>> to find the missing transaction(s) since yours totals $200.
>>
>> Why are you excluding certain categories and Payees from your report?
>> Your
>> correct income and/or expense totals for the year are based on including
>> the
>> appropriate transactions in your reports.
>>
>> The Overall total appears to be calculated as Income - Expense (i.e. net
>> income) + Transfers. Again, review your transfer transactions to
>> determine
>> why it does not net to zero because your Net income should be $200
>> ($350-$150).
>
> Hi Laura,
>
> Thanks for your response. The reason I am excluding certain income and
> expenses is because sometimes my brother will use my credit card to
> pay a bill and just give me cash in exchange for the amount of the
> bill so I don't want to count that as real income or expense since it
> isn't mine.
That makes sense. I put those in their own special category called
Reimbursable expenses. I put both the expense (expense)and the reimbursement
(income) so that they net to zero at the end of the year.
>
> What can I do to properly find out what I made and spent this year so
> far?
I think you are doing it correctly by counting the real income and expense
categories. Double check the transfers to make sure you are not incorrectly
recording part of the transaction as income. Bank transfers bwt your own
accounts should always net to zero if recorded properly.
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